FAQ
What is OxWallet?
An OxWallet is a digital wallet that allows users to manage and store cryptocurrencies and digital assets securely. It acts like a bank account for cryptocurrencies, enabling you to send, receive, and manage various types of cryptocurrencies such as Polygon (Matic), Ethereum (ETH), and many others. Here are some key features and details about OxWallet:
Public and Private Keys: An OxWallet uses a pair of cryptographic keys: a public key, which can be shared with others and is used to receive funds, and a private key, which is kept secret and is used to sign transactions to send funds.
Security: The security of an OxWallet depends largely on how the private keys are stored and protected. Users must keep their private keys secure to prevent unauthorized access to their funds.
Decentralization: Unlike traditional banking systems, OxWallet is typically decentralized, meaning they do not rely on a central authority to manage or oversee transactions. This can offer advantages in terms of privacy and resistance to censorship.
Interoperability: OxWallet supports multiple cryptocurrencies, enabling users to manage different assets through a single interface.
Backup and Recovery: Users can often back up their wallets using a seed phrase, which is a series of words generated by the wallet software. This seed phrase can be used to recover the wallet and its contents if the device is lost or damaged.
NFT Marketplaces: Wallets with NFT capabilities often integrate directly with NFT marketplaces. This allows users to buy, sell, or trade such unique and new collectible NFTs directly from their wallets without needing to transfer assets to a separate platform.
How do I use the OxWallet?
Using the OxWallet, a cryptocurrency wallet, typically involves a few straightforward steps to manage your digital assets securely. Here's a brief guide on how to get started with OxWallet
Download and Install: First, download and install the OxWallet app from its official website or a trusted app store to ensure you're getting the legitimate version.
Create or Import a Wallet: Upon opening the app, you can either create a new wallet or import an existing one using a seed phrase. If you're setting up a new wallet, make sure to write down and securely store the seed phrase provided during the setup. This is crucial for recovering your wallet if needed.
Secure Your Wallet: Set a strong password and enable any additional security features available, such as two-factor authentication (2FA), to enhance the security of your wallet.
Receive Cryptocurrency: To receive cryptocurrency, go to the receive section of the wallet, select the specific cryptocurrency you want to receive, and share the corresponding public address or QR code with the sender.
Send Cryptocurrency: To send cryptocurrency, navigate to the send section, select the cryptocurrency you want to send, enter the recipient's address, specify the amount, and confirm the transaction. Always double-check the recipient's address to avoid errors.
Manage Your Assets: You can view your balance and transaction history within the wallet. Some wallets also offer features like exchanging one cryptocurrency for another directly within the app.
Backup and Recovery: Regularly back up your wallet and ensure that your seed phrase is stored in a safe and secure location. This will help you recover your wallet if your device is lost, stolen, or damaged.
How does OxWallet work?
OxWallet operates as an automated market maker (AMM), fundamentally structured through a series of smart contracts that standardize the process of creating liquidity pools, adding liquidity, and facilitating asset swaps.
Each liquidity pool on OxWallet holds two different assets. These pools manage cumulative liquidity reserves while adhering to pricing mechanisms predefined by the liquidity providers. Every trade within the pool automatically updates the reserves and the asset prices, ensuring continuous balance without the need for a central order book, third-party custody, or a private order matching system.
The design of OxWallet ensures that its pools self-rebalance after each transaction, allowing for constant buying and selling of tokens. This system eliminates the need for traders to find direct counterparts for trades, which is a typical requirement in traditional exchange platforms.
What is a recovery phrase?
A recovery phrase acts as the master key to your cryptocurrency wallet. If your iPhone or Android device is lost, this phrase allows you to restore access to your wallet. It's crucial to remember that anyone who gets their hands on your recovery phrase can also gain access to your funds.
Here are some essential guidelines to ensure the security of your recovery phrase:
Always store the recovery phrase in a secure and confidential location. Could you not share it with anyone?
Losing your recovery phrase means permanently losing access to your wallet. It's only possible to recover it with words.
OxWallet support will never request your recovery phrase, and it should only be used during the initial wallet setup or when restoring your wallet.
After setting up or importing your wallet into OxWallet, you won't need to enter your recovery phrase again. If you lose your device or uninstall the OxWallet app, you will need this phrase to regain access to your wallet.
Maintaining the secrecy and security of your recovery phase is imperative to protect your digital assets.
How do I find my recovery phrase in the OxWallet?
You can find your recovery phrase in the OxWallet app settings.
Ensure you are in a secure and private setting before accessing your recovery phrase. Your recovery phrase must remain unseen by others.
Note: This recovery phrase can import your wallet (and it's tokens or NFTs) into another wallet app.
How to find your recovery phrase from the OxWallet:
Open the “Settings” Menu in the wallet.
Select the “Recovery Phrase.” option.
What is swap protection?
Swap protection within a blockchain wallet safeguards transactions against front-running and sandwich attacks. Take the OxWallet as an example; this feature routes swaps through a private transaction pool, which secures them from potential front-running and sandwich attacks. In the OxWallet, swap protection is enabled by default for all Ethereum-based transactions, providing an extra layer of security. Users have the flexibility to toggle this protection on or off in the Swap settings according to their preference.
What is the network cost ?
Network costs, also referred to as transaction fees, are essential charges incurred when conducting transactions on a blockchain network. These fees are paid in cryptocurrency to miners or validators who facilitate the addition of transactions to the next block. Serving as a pricing mechanism, network fees dictate the cost of actions such as transferring crypto between wallets or interacting with decentralized applications (DApps).
Such fees are crucial for preventing an overload of transactions that could overwhelm the network and are used to incentivize miners or validators to maintain the integrity and security of the network. The amount of these fees is influenced by various factors including the congestion level of the network, the transaction size, and other parameters such as asset prices and network load. Notably, asset prices have a significant impact on network fees, though other factors may only temporarily affect the cost.
Fees also vary depending on the specific blockchain being utilized. For instance, the cost of a transaction on the Bitcoin network will differ from those made on networks like Bitcoin Cash, Ethereum, or Litecoin. These fees are subject to fluctuations based on market dynamics and the capacity of the network. Generally, paying a higher fee can result in quicker transaction processing times.
Networks on OxWallet
The OxWallet interface supports the following Networks:
Ethereum
Polygon (PoS)
Optimism
Base
BNB Chain
Arbitrum One
The interface also sticks to certain fundamental tenets.The OxWallet team prioritizes supporting networks based on their utilization, security, and the team's capacity to maintain them. The mobile app interfaces developed by OxWallet live among multiple access points.The OxWallet is operational on various chains, the deployment of which is decided through votes by the governance community, independent of OxWallet. OxWallet does not engage in these governance voting processes.
Last updated
